In a surprising turn of events, former President and Republican presidential candidate Donald Trump has called for all remaining Bitcoin to be mined within the United States. This announcement marks a significant shift in Trump’s stance on cryptocurrency, which he previously criticized.
Key Takeaways
- Trump wants all remaining Bitcoin to be mined in the U.S.
- He believes Bitcoin mining can help the U.S. become energy-dominant.
- Trump has shifted from being a crypto skeptic to a supporter.
Trump’s Announcement
On Tuesday, Donald Trump made headlines by stating that he wants all remaining Bitcoin to be mined in the U.S. He made this declaration on his social media platform, Truth Social, emphasizing that Bitcoin mining could be the last line of defense against a central bank digital currency (CBDC).
"Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT," Trump posted.
Meeting with Bitcoin Miners
Earlier that day, Trump met with executives from Nasdaq-listed bitcoin mining firms CleanSpark Inc. and Riot Platforms at his Mar-a-Lago resort. During the meeting, he reportedly told attendees that Bitcoin miners help stabilize the electric grid’s energy supply.
The State of Bitcoin Mining
Bitcoin has a fixed supply of 21 million, which is expected to be fully mined by 2140. As of now, approximately 90% of that supply has already been mined. Current major Bitcoin mining hotspots include China, Central Asian countries, El Salvador, and some European countries such as Germany.
A Shift in Stance
Trump’s recent statements mark a significant shift from his previous stance on cryptocurrency. He has previously denounced Bitcoin as "a scam against the U.S. dollar" and called cryptocurrency "a disaster waiting to happen." However, he now appears to be a strong supporter of Bitcoin, even accepting crypto donations for his presidential campaign.
Political Implications
Trump’s pro-Bitcoin stance puts him in opposition to some Democrats, who have traditionally opposed cryptocurrency. For instance, Sen. Elizabeth Warren has been a vocal advocate for more crypto regulation. However, even within the Democratic Party, there are signs of a shift, with some members distancing themselves from Warren’s position.
Conclusion
Trump’s call for all remaining Bitcoin to be mined in the U.S. is a bold move that could have significant implications for the cryptocurrency industry and the broader political landscape. Whether this will help him in his 2024 presidential campaign remains to be seen, but it certainly adds an interesting dimension to the ongoing debate over cryptocurrency regulation and adoption.
Sources
- Donald Trump says remaining Bitcoin must be made in US, The Hill.
- Trump says he wants all remaining Bitcoin to be made in the US | Reuters, Reuters.
- Donald Trump Says He Wants All Remaining Bitcoin to Be ‘Made in USA’, CoinDesk.
- Donald Trump Says He Wants All Remaining Bitcoin to Be ‘Made in USA’, Yahoo Finance.
- Donald Trump wants all Bitcoin to be mined in the U.S., Quartz.
